Wachovia’s incoming CEO, Bob Steel, made a smart PR move a couple of weeks ago: He reached into his (deep) pocket and bought $16 million of Wachovia stock. This put him in the same boat with the bank’s clobbered investors, and, unlike most CEOs, gave him the ability to say, “I feel your pain.”
And he does!
Because he’s already down about $2 million.
According to the Winston Salem Journal, Steel bought his 1 million shares at a range of $14.80 to $17.06, for an average of about $16. Those 1 million shares are now worth a shade under $14.